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NBC and its Internet affiliates will join Polo Ralph Lauren in a new media company that will promote the designer's products online and on the air. The deal, a coup for Mr. Lauren, will further blur the line between content and commerce at traditional media companies.

The first and foremost task of the joint venture will be to develop Polo.com, which is being billed as an upscale lifestyle destination site. Eventually, the company, RL Media, might develop magazines or even TV programming for NBC. Advertising. [Page C13.]

G.M. Promotes a Cadillac Executive

John F. Smith, charged three years ago with fixing the Cadillac division at General Motors, was named general manager of the parent company's service and parts operations. The unit, which sells G.M. and AC-Delco parts and accessories worldwide and markets the Goodwrench service brand name, has 12,000 employees. Mr. Smith, 49, presided over a redesign of the Cadillac line, but most of the new cars will not appear in showrooms for another two years. [C12.]

Yahoo Site Suffers a Service Failure

Yahoo blamed an attack by computer hackers for a service failure on its Web site, in what amounted to a rare interruption to one of the most popular Internet portals. [C11.]

The Nasdaq composite index cruised to a record, as demand for technology and biotechnology stocks remained strong. But the strength in technology masked another lackluster session for most stocks. The Nasdaq closed at 4,321.77, up 77.63 points, or 1.8 percent. The Dow Jones industrial average dropped 58.01 points, to 10,905.79. The Standard & Poor's 500-stock index was little changed, falling 0.13 point, to 1,424.24. [C16.]

Consumer debt surged in December for the second consecutive month, fueled by holiday spending and capping a year that had the fastest pace of borrowing since 1996, Federal Reserve figures showed. [C2.]

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Austrian policy makers fear that the protests and sanctions against the new government could dampen investment in their country and raise capital costs for companies already doing business there. But the consensus seems to be that the downgrading of relations by the European Union, and the recall of ambassadors by Israel and the United States, because of the inclusion of ministers from the anti-immigrant Freedom Party of Jorg Haider, will not have immediate and serious economic consequences. [C4.]

Chevron and Phillips Form Venture

Phillips Petroleum and Chevron have agreed to a joint venture of their chemical businesses, creating a company with assets of more than $6 billion. [C14.]

PBS Appoints a New President

The Public Broadcasting Service announced the appointment of Pat Mitchell, a longtime news producer and executive for Turner Broadcasting, as its president. Ms. Mitchell, the president of CNN Productions, the documentary arm of the cable network, will be responsible for navigating PBS through an increasingly difficult landscape, marked by competition from cable channels and continued pressure to raise funds from both the federal government and corporations. [A18.]

W.T.O. Agrees to Limited Talks

The World Trade Organization, seeking to move beyond its highly publicized failure in Seattle to start a new round of global trade negotiations, has agreed instead to begin negotiations limited to opening markets in agriculture and services. [C4.]

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